Robert H. Herz has been reappointed to a second five-year term as chairman of the Financial Accounting Standards Board.
His new term will begin on July 1.
Herz has emerged as a champion of simplification and the need to reduce complexity in the financial reporting system. Under his watch, the board has undertaken major to integrate and codify the massive volume of all current non-governmental accounting pronouncements into a single source, stop the proliferation of accounting pronouncements emanating from multiple sources, and develop standards in a more principles-based manner.
Formerly PricewaterhouseCoopers Americas' leader of professional, technical, risk and quality, and a member of the firm's global and U.S. boards, Herz has also served as a part-time member of the International Accounting Standards Board.
FASB’s current agenda includes share-based payment, defined benefit pension and other post retirement benefit plans, fair value measurement and lease accounting projects.
Separately, the Public Company Accounting Oversight Board announced that J. Gordon Seymour will succeed Lewis H. Ferguson III as general counsel next month.
Seymour joined the PCAOB in February 2003 as acting general counsel, and served in that capacity during 2003 as the board began its operations and the development of its operating rules. He became deputy general counsel in January 2004 and also serves as the PCAOB’s secretary. Prior to joining the PCAOB, he held worked at both the Securities and Exchange Commission and the law firm of Williams & Connolly LLP.
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